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Legal Protections, Home Equity Resources and Housing Options
By Staff Reporters
Recently, significant updates and expanded coverage of the housing market for the elderly has occurred. Several items include efforts to protect consumers, and senior medical professionals, from current difficulties in the housing market. For example, these include the following three updates:
1. FINRA on Reverse Mortgages
An alert issued by the Financial Industry National Regulatory Authority (FINRA), warns that:
“as more Americans near retirement age, some financial institutions are aggressively marketing reverse mortgages as an easy, cost-free way for retirees to finance lifestyles – or to pay for risky investments that can jeopardize their financial futures.”
FINRA’s position is that such vehicles should be used only as a last resort.
2. HECM on Primary Residences
The Home Equity Conversion Mortgage Demonstration (HECM) program, which was first authorized by Congress in 1987, helps elderly homeowners meet their financial needs and provides borrowers with insurance against lender default. Now, homeowners can also use a HECM to purchase a primary residence if they are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property they are purchasing.
3. ERA Home-Keeper Program
As a result of the passage of the Housing and Economic Recovery Act of 2008, Fannie Mae announced the discontinuance of its Home Keeper reverse mortgage program, effective as of December 31, 2008. Some state programs encourage the use of reverse mortgages, in contrast to federal warnings, as a financial tool to help elderly homeowners pay for home and community services so they can “age in place.”
Conclusion
And so, your thoughts and comments on this Medical Executive-Post are appreciated, as we follow-up our four part series on: At Home or Nursing Home Care for Long Term Care. Comments from physicians and LTC insurance agents are especially valued.
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Filed under: Alternative Investments, Estate Planning, Financial Planning, Funding Basics, iMBA, Inc., Retirement and Benefits | Tagged: ERA, Fannie Mae, FHAA, FINRA, HECM, Home-Keeper | Leave a comment »
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